information on the Truth-in-Lending Law

Conduct a literature and internet search for information on the Truth-in-Lending Law. Discuss your findings in terms of what the law pertains to and how it is applied.

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The Truth in Lending Act (TIL), also known as Title I of the Consumer Credit Protection Act, was enacted to assist consumers in shopping for credit. The law's stated goal is:

The purpose of TILA is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. With the exception of certain high-cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit. Rather, it requires a maximum interest rate to be stated in variable-rate contracts secured by the consumer's dwelling. It also imposes limitations on home equity plans that are subject to the requirements of Sec. 226.5b and mortgages that are subject to the requirements of Sec. 226.32. The regulation prohibits certain acts or practices in connection with credit secured by a consumer's principal dwelling.